Pam's Insurance Site

About Me

When I bought my first house, I was already going into a lot of debt. I didn't have the money to seriously insure it, so I bought only the bare minimum without consulting an insurance professional. That was a big mistake on my part. It could have turned out alright. That is, if my house hadn't been in the path of a huge storm. Huge gale winds knocked a tree down straight through my roof. My house was practically destroyed, and my minimal policy didn't cover nearly enough. I spent years and years trying to get myself out of that financial mess. Since then, I have always been very cautious in learning about insurance and talking to the real professionals.

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Commercial truck insurance covers many things, from collision damage to cargo loss and medical bills. If you're sued by another driver on the road, your commercial truck insurance should provide coverage for that as well. Since you spend so much time on the road in your truck, you'll want to make sure that you're protected from anything that may come your way. This coverage can get costly, though. Here are some tips that will help you save on your commercial truck insurance premiums whether you are an owner/operator or you have a fleet that you need to insure.

Choose Higher Deductibles

The more money you commit to paying up front for your claims, the less your insurance company will charge in premiums. Talk with your insurance agent about how much you can save by increasing your deductibles for both comprehensive and collision coverage.

The trick, though, is to balance your increased deductible with your budget. It does you no good to increase your deductible if you can't afford to pay it in the event of a claim. Select the highest deductible that you can reasonably afford, and consider setting aside the deductible amount in your company budget so that you can be sure you'll be able to meet that need if an accident occurs.

Work With Your Personal Insurance Carrier

If you're running a small business or you're a solo owner/operator, you may be able to save significantly if you work with the same insurance carrier that provides your personal insurance. Not only do you have the opportunity to qualify for a discount by having multiple types of insurance with the same carrier, but you may be able to get safe driver discounts based on your personal driving and claim history with the insurance company.

Pay Your Premiums Up Front

Some commercial trucking insurance providers will offer discounts for paying your premiums in full at the start of the policy period. Others offer discounts for committing to an automatic account debit for your monthly premium payments. Talk to your insurance company about the payment options available to you and any discounts you may be able to take advantage of.

Ask About Additional Discount Options

It is perfectly acceptable to talk with your insurance provider about other options that you may be missing that could help you save money on your premiums. For example, you may be able to save on your premiums by committing to a multi-year policy with your carrier. Often, they offer an incentive discount for that type of long-term commitment. You might even be able to get a bulk discount if you're insuring several vehicles in a fleet.

Complete a Safe-Driver Course

Talk with your insurance company about the possibility of safe-driver discounts offered for completing a safety course. Commercial drivers can complete courses that focus on road safety, log book accuracy and defensive driving. If you complete the course, your insurance company might offer you a discount for taking the proactive safety initiative.

Screen Your Drivers Carefully

As a commercial trucking company, you'll need to have other drivers on staff to help you manage the demand. Every time you hire a new driver, make sure that you go to websites and screen his or her driving record carefully. Your insurance company will rate your policies based on the risk factors of your drivers, so if you hire a driver with a series of moving violations, you're going to pay higher premiums. Choose safe drivers that you can rely on to help keep your costs at bay.

It's essential that you protect your commercial trucking business, and truck insurance is a vital part of that protection. Not only does it protect the truck itself, but you'll have liability protection and even some coverage for damaged or lost cargo, which can save your business after a serious accident. Follow the tips here to manage your premiums without sacrificing business protection.